Mississippi County will contribute $2 million in economic development funds to help expand an existing industry.
Two years ago, the county's Economic Development Committee and the Quorum Court's Planning and Development Committee approved the expenditure of funds to bring Aviation Repair Technologies to town.
With more than a year left to meet its first goal of 300 employees, ART is already working on another expansion, which will bring 300 more jobs to the area, said Clif Chitwood, the county's economic developer.
ART now employs 225 workers, Chitwood said, with more scheduled to come on board soon.
"They promised us 300 jobs in three years, and they are well on their way to that," Chitwood said.
The company performs mainframe maintenance on aircraft. Some of that work cannot be done on site and has to be sent elsewhere.
Once the company has expanded, the work can be performed at the facility on the Arkansas Aeroplex, rather that outsourced to other sites.
The money from Mississippi County's Economic Development fund will go toward refurbishing the buildings and facilities that ART will work in on the Aeroplex, Chitwood said.
With the additional $2 million investment, ART promises the creation of 300 additional jobs, bringing the total employment by the company to 600.
Along with county money, the state economic development agency will kick in another $2 million for machinery. The federal government will also contribute to the expansion, as will ART.
The county's economic development fund now has $3.1 million in uncommitted funds. The account collects approximately $250,000 a month in sales tax revenues, said County Judge Steve McGuire.
The committee also verbally committed an additional $2 million in funds from the account for a third phase of expansion for ART, along with 300 more jobs, in the next year or so.
All commitments for revenues from the fund are guaranteed by the company to bring new jobs to Mississippi County. If the company does not fulfill its promise, the funds must be paid back, Chitwood said.
The matter will be considered by the full Quorum Court during its regular meeting at 7 p.m. Tuesday at the Osceola courthouse.
dhilton@blythevillecourier.com